Name: ADAM CLAY

Name: Complete Fireplace Sales Ltd

Date of Birth: 7 / 10 / 1990

Date Order Starts: 6 / 3 / 2025

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 11208417

Last Known Address: 30 Meynell Drive,, , , , LEIGH,, WN7 3JR

Conduct: On 28 October 2020, Adam Clay caused Complete Fireplace Sales Ltd (“CFS”) to make a declaration that he knew or ought to have known was incorrect regarding CFS’ turnover to obtain a £50,000 Bounce Back Loan (“BBL”), and failed to use it in its entirety for the economic benefit of CFS, in breach of the Terms and Conditions of the BBL Scheme. In that: • Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover for the calendar year 2019. The turnover figure was self-certified by the applicant. The purpose of the loan was to provide economic benefit to the business and not for personal purposes. • CFS was incorporated on 15 February 2018 and started trading during April of the same year. • On 28 October 2020, Adam Clay submitted an application to obtain a £50,000 BBL on behalf of CFS, declaring that its turnover for the calendar year 2019 was £210,000. • Accounts for the year ending 29 February 2020 show that CFS had a turnover of £82,406. Analysis of CFS’ bank account shows that between 01 January 2019 and 31 December 2019, CFS received income of £78,462 which would have entitled it to a BBL of £19,616. • The BBL sum of £50,000, a total of £30,385 more than CFS was entitled to, was paid to CFS’ bank account on 29 October 2020. Following the receipt of the loan, the account balance stood at £51,881 in credit. • Between that date and 15 December 2020, CFS received further income totalling £25,940. During the same period, payments totalling £50,350 were made to Adam Clay’s personal bank account for £350 on 06 November 2020, £40,000 on 08 December 2020, and £10,000 on 15 December 2020. • As of close of business on 15 December 2020 CFS’ account balance stood at £10,044. Therefore, at least £22,529 was paid to Adam Clay’s personal bank account from the proceeds of the BBL. • On 01 March 2022, CFS entered liquidation with liabilities totalling £130,446 of which £48,409 relates to the amount owed in respect of the BBL. 

This information is correct as at 14 / 2 / 2025

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